Posted 2/23/2024, 3:20:00 AM
Stocks Rise on AI and China Housing Hopes; Fed Signals Possible Rate Change
- Asian stocks gained Friday, fueled by the global rally that's seen markets hit record highs
- Nvidia surged 16% amid AI mania, adding $277B to its market cap in the biggest single-day increase ever
- China home prices declined at a slower pace, providing a sign of improvement for the property sector
- Fed Governor Lisa Cook said outlook may soon warrant a change in policy rate as disinflation becomes sustainable
- Oil slipped as demand concerns persist despite signs of a tightening market